News Releases

May 04, 2011

Vancouver, British Columbia. Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to announce further significant drill hole and trench results on the Company's Enchi Gold Project ("Enchi or the Project") in Ghana (See Tables 1 and 2). Significant diamond drilling results from the Boin Gold Zone include: 1.58 g/t Au over 24 metres, 2.91 g/t Au over 12 metres, 1.41 g/t Au over 34 metres, 1.42 g/t Au over 24 metres and 1.39 g/t Au over 22 metres. Results continue to confirm and expand the near surface gold zones at Boin and Nyam (see a plan map here). The first phase of diamond drilling and trenching at Nyam has included 42 holes, and 12 trenches. Follow-up drilling is planned once all assays have been received and the results compiled. The first phase drilling at Boin continues. Based on the results of these drill programs inaugural NI 43-101 resource statements for the Boin and Nyam Gold Zones are expected to be prepared in 2011.

George Salamis, President and CEO stated: "This series of gold intercepts represent the best results completed by Edgewater on the Enchi Project. We continue to intersect significant widths of gold mineralization on the Boin and Nyam structures, representing only 2 of the known 16 gold prospects on the Enchi Gold Project. Both gold zones are showing good continuity following the Bibiani Fault that hosts the Chirano Gold Mine 70km North-east of Enchi."

TABLE 1: DRILL HOLE AND TRENCH ASSAY RESULT HIGHLIGHTS

#

Type

Zone

Section

From(m)

To(m)

Interval(m)

Au g/t

KBDDH008

Drill Hole

Boin

4250N

83

87

4

1.70

KBDDH009

Drill Hole

Boin

4250N

41

65

24

1.58

KBDDH009

Drill Hole

Boin

inc

48

57

9

2.71

KBDDH010

Drill Hole

Boin

4250N

15

27

12

2.91

KBDDH011

Drill Hole

Boin

3950N

45

79

34

1.41

KBDDH011

Drill Hole

Boin

inc

47

57

10

2.36

KBDDH013

Drill Hole

Boin

3950N

10

34

24

1.42

KBDDH014

Drill Hole

Boin

4000N

39

61

22

1.39

NBDDH023

Drill Hole

Nyam

16070N

64

66

2

1.02

NBDDH025

Drill Hole

Nyam

16110N

22

24

2

1.96

NBDDH028

Drill Hole

Nyam

16230N

86

89

3

1.61

NBDDH035

Drill Hole

Nyam

15075N

51

54

3

2.26

NBTR012

Trench

Nyam

15900N

24

30

6

2.33

Notes:

All reported intercepts are core lengths and true widths are estimated at 80-85 per cent of core lengths

Weighted averages calculated using uncut assays.

See attached table for complete set of results.

BOIN GOLD ZONE

The Boin Gold Zone has anomalous gold intercepts over a known strike length in excess of 10 km identified by RC and RAB drilling. Gold mineralization at Boin is hosted in highly weathered volcanic and sedimentary rocks cut by quartz veins and localised in the hanging wall of a regional scale thrust fault (Bibiani Fault). The Bibiani Fault is host to the mineralization at Kinross Gold Corporations Chirano Gold mine (5 million oz) located 70kms northeast of the Boin Project.

Recent diamond drilling by Edgewater at Boin has successfully confirmed the continuity and grade of the gold mineralized zone previously intersected in wider spaced RC and RAB drilling. Upon receipt of all assays from the completed diamond drilling in May, additional drilling will be initiated aiming to expand the known gold zone by stepping out at regular intervals along strike and down dip of the host structure (Bibiani Fault).

NYAM GOLD ZONE

An initial programme of 42 diamond drill holes totalling 3969m and 12 trenches totaling 394m has been completed at the Nyam Gold Zone. Gold mineralization is hosted in altered and brecciated carbonaceous sediment and localised along a steep east dipping structure. Mineralization has been traced continuously over 1600 m and is still open in all directions. Construction of new roads to allow rig access to drill along strike and depth extensions of the Nyam project is expected to be completed in May.

A continuous zone of gold prospects and gold-in-soil anomalies extends for 15 km from Nyam southwest through to the Sewum Gold Zone. Many of these prospects and anomalies remain to be drill tested.

SEWUM GOLD ZONE

As additional results are received and interpreted from the completed drilling at Nyam the drill rig has been moved to the Sewum Gold Zone. A minimum programme of at least 3000m has been planned at Sewum aimed at drill testing a 1200m zone of continuous gold mineralization outlined by surface trenching. Results of up to 24.2m grading 1.14 g/t gold were obtained from the trenches. Broad zones of quartz breccia in excess of 50m true width have been intersected in the first drill holes. Assays are pending.

ERADI GOLD PROSPECT

Construction of drill rig access into the Eradi Gold Prospect will commence in early May. The Eradi Prospect is located at the convergence of two of the main regional scale structures, the Bibiani and Nyambekyere shear zones, located at the northern end of the Enchi licenses. A gold-in-soil anomaly in excess of 5kms in length at Eradi has been previously tested by two trenches that returned gold intervals of 1.47 g/t over 36.9m and 0.63 g/t over 5m.

Contracts for over 30,000 metres of drilling at Enchi have been signed for 2011. To date, a total of 69 holes have been drilled for 6517m. In May a third rig will arrive in Enchi to complement the two rigs currently drilling at Boin and Sewum.

The detailed soil sampling programme that covered extensions of the three main mineralized trends, namely Boin, Sewum and Nyambekyere has been competed and all assays received. A total of 7559 samples were collected along lines spaced 200m to 800m apart covering an area of 140 square km. Numerous significant anomalies, including individual samples of up to 8750ppb have been generated along the mineralized trends that require further follow-up by trenching and drilling.

Sample analyses have been conducted at independent commercial facilities SGS Labs in Tarkwa Ghana. All sample analyses was completed using industry standard geochemical and fire assay practices and included a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of standards, blanks and duplicate samples randomly into the sample stream. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.

Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.

About Edgewater Exploration Ltd.

Edgewater is a mineral exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the Enchi Gold Project in Ghana, West Africa and the Corcoesto Gold Project in northwest Spain.

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

TABLE 2: DRILL HOLE AND TRENCH ASSAY RESULTS

Hole No

Zone

Section

From(m)

To(m)

Interval(m)

Au g/t

NBDDH023

Nyam

16070N

64

66

2

1.02

NBDDH023

Nyam

16070N

69

73

4

0.82

NBDDH024

Nyam

16110N

0

1

1

0.72

NBDDH024

Nyam

16110N

65

68

3

0.65

NBDDH025

Nyam

16110N

22

24

2

1.96

NBDDH025

Nyam

16110N

31

32

1

0.96

NBDDH026

Nyam

16150N

70

71

1

0.59

NBDDH026

Nyam

16150N

78

79

1

0.77

NBDDH028

Nyam

16230N

86

89

3

1.61

NBDDH028

Nyam

16230N

93

96

3

0.32

NBDDH029

Nyam

16270N

81

83

2

0.44

NBDDH030

Nyam

16270N

45

53

8

0.76

NBDDH031

Nyam

16350N

48

65

17

0.57

NBDDH032

Nyam

15470N

76

86

10

0.45

NBDDH035

Nyam

15075N

51

54

3

2.26

NBDDH035

Nyam

15075N

62

65

3

0.85

NBDDH035

Nyam

15075N

69

72

3

0.92

NBDDH035

Nyam

15075N

75

83

8

0.45

Trench No

Zone

Section

From(m)

To(m)

Interval(m)

Au g/t

NBTR010

Nyam

16070N

8

10

2

0.57

NBTR010

Nyam

16070N

42

44

2

0.47

NBTR011

Nyam

16070N

14

30

16

0.71

NBTR012

Nyam

15900N

24

30

6

2.33

Hole No

Zone

Section

From(m)

To(m)

Interval(m)

Au g/t

KBDDH008

Boin

4250N

43

46

3

1.45

KBDDH008

Boin

4250N

49

50

1

0.68

KBDDH008

Boin

4250N

54

55

1

0.71

KBDDH008

Boin

4250N

60

64

4

0.49

KBDDH008

Boin

4250N

73

74

1

0.75

KBDDH008

Boin

4250N

83

87

4

1.70

KBDDH009

Boin

4250N

7

12

5

0.93

KBDDH009

Boin

4250N

29

30

1

0.85

KBDDH009

Boin

4250N

41

65

24

1.58

KBDDH009

Boin

inc

48

57

9

2.71

KBDDH010

Boin

4250N

32

35

3

1.42

KBDDH010

Boin

4250N

15

27

12

2.91

KBDDH011

Boin

3950N

45

79

34

1.41

KBDDH011

Boin

inc

47

57

10

2.36

KBDDH013

Boin

3950N

10

34

24

1.42

KBDDH014

Boin

4000N

39

61

22

1.39

You can view the Next News Releases item: Tue May 17, 2011, Edgewater Initiates Major Airborne Geophysical Survey of its Enchi Gold Project, Ghana, West Africa